Bitcoin: Bullish Daily Fractal Analysis 1D (Apr. 29)
X FORCE GLOBAL ANALYSIS:
In this analysis, we explore Bitcoin's bullish probabilities suggested by fractals from September 2019.
Analysis
- The fractal starts with a parabolic move downwards.
- During this downtrend, prices constantly test the lower bollinger band support
- The Moving Average Convergence Divergence (MACD) histograms show increasing bearish pressure as the moving averages move downward
- At the bottom of the parabolic trend line, we see a textbook bearish engulfing pattern, followed by a green candle with extremely long wicks
- A golden cross forms on the MACD shortly after
- As the 20 Simple Moving Average (SMA) and 50 SMA form a golden cross as well, this confirms the start of a new bullish rally
- The MACD shows strong bullish histograms, and a clear uptrend in MAs
- Prices constantly test the upper bollinger band resistance
Market Sentiment:
The long short ratio remains at 65 to 35, with still significantly more longs that shorts.
What We Believe
Although traders should not rely solely on fractals, this current comparison offers great insight of how to interpret the technicals shown in the daily chart today. Based on this fractal analysis and our ascending parallel channel analysis, we believe that the bullish probabilities remain high.
Trade Safe.
In this analysis, we explore Bitcoin's bullish probabilities suggested by fractals from September 2019.
Analysis
- The fractal starts with a parabolic move downwards.
- During this downtrend, prices constantly test the lower bollinger band support
- The Moving Average Convergence Divergence (MACD) histograms show increasing bearish pressure as the moving averages move downward
- At the bottom of the parabolic trend line, we see a textbook bearish engulfing pattern, followed by a green candle with extremely long wicks
- A golden cross forms on the MACD shortly after
- As the 20 Simple Moving Average (SMA) and 50 SMA form a golden cross as well, this confirms the start of a new bullish rally
- The MACD shows strong bullish histograms, and a clear uptrend in MAs
- Prices constantly test the upper bollinger band resistance
Market Sentiment:
The long short ratio remains at 65 to 35, with still significantly more longs that shorts.
What We Believe
Although traders should not rely solely on fractals, this current comparison offers great insight of how to interpret the technicals shown in the daily chart today. Based on this fractal analysis and our ascending parallel channel analysis, we believe that the bullish probabilities remain high.
Trade Safe.
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